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Antares Closes Over 220 Transactions, Issuing $14B in Financing Commitments in 2020

January 29, 2021, 07:38 AM
Filed Under: Industry News

Antares closed more than 220 transactions in 2020, issuing nearly $14 billion in financing commitments to middle market private equity-backed companies. In a record Q4, the firm closed 120 transactions with commitments of $9.3 billion, supporting the refinancing, leveraged buyout and add-on acquisition activity of both new and existing borrowers.

“In a year of unforeseen challenges, we’re very pleased with how our borrowers and PE sponsors delivered,” said David Brackett, CEO of Antares. “The quality and strength of our portfolio was tested and it performed very well. Weighted average EBITDA is up approximately 6 percent across the portfolio and defaults were less than 0.5 percent for the year, illustrating the resilience of the private debt space and the power behind solid credit discipline and PE sponsor support.”

The reliability and breadth of Antares’ execution and product capabilities along with its tenured relationships with private equity sponsors enabled the firm to grow its portfolio to over 485 borrowers in 2020, a 5 percent increase over 2019. The firm maintains one of the largest portfolios of middle market PE-backed companies in the industry.

“Over 70 percent of our financings in 2020 were in support of our portfolio companies,” continued Brackett. “When new market opportunities slowed significantly, we maintained a steady flow of activity as we continued to execute on behalf of our existing borrowers.”

Select 2020 transactions in which Antares served as administrative agent and lead-left arranger include:

  •     $1.67 billion 1st lien credit facility to ProAmpac (Pritzker Private Capital)
  •     $1.43 billion 1st lien credit facility to Galway Insurance (Harvest Partners, Oak Hill Capital Partners, The Carlyle Group)
  •     $300 million unitranche credit facility to St. Croix Hospice (H.I.G. Capital)
  •     $275 million senior credit facility to Tinuiti (New Mountain Capital) (New Mountain Capital)
  •     $177 million 1st lien credit facility to Integrated Power Services (Odyssey Investment Partners)
  •     1st lien credit facility to 365 Retail (Providence Equity Partners)
  •     1st lien credit facility to AWP (Kohlberg & Company)
  •     Unitranche facility to Kele (The Stephens Group)
  •     1st lien credit facility to Solaris Health (Lee Equity Partners)
  •     1st lien credit facility to Vessco (Gryphon Investors)


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